The projected value of the portable fridges market is estimated to reach US$ 1,813.6 million by 2023 and is anticipated to increase to US$ 3,385.9 million by 2033, with sales expected to experience substantial growth at a compound annual growth rate (CAGR) of 6.4% throughout the forecast period.
Explosive Growth Across Sectors:
- Healthcare: Hospitals and clinics require high-capacity portable fridges for temperature-sensitive medication and equipment, driving significant demand.
- Logistics: The need for cold storage in commercial trucks is skyrocketing, creating a massive market for portable solutions.
- Smart Homes: Automation trends are fueling the need for portable fridges that integrate seamlessly with smart home systems.
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Beyond Niche Uses:
- Compact Living: Portable fridges offer a space-saving solution for apartments, mobile homes, and RVs.
- Hospitality: Hotels and offices utilize portable fridges for convenient food and beverage storage.
Adventure and Sustainability:
- Outdoor Enthusiasts: Camping trips and family outings demand reliable portable fridges to keep food fresh.
- Eco-Conscious Consumers: Advancements in energy-efficient and environmentally friendly models are a major draw.
USP Advantage:
- Technological Innovation: Invest in cutting-edge features like advanced cooling, enhanced reliability, and user-friendly controls to stand out.
- Target Specific Needs: Develop niche solutions for healthcare, logistics, or smart homes to expand your market reach.
- Embrace Sustainability: Focus on energy-efficient and eco-friendly designs to attract environmentally conscious consumers.
The Takeaway:
The portable fridge market is a dynamic and lucrative space. Act now to establish your brand as a leader in this rapidly growing industry. By capitalizing on these trends and developing innovative solutions, you can unlock a chilled gold rush of success.
Key Takeaways from the Portable Fridges market
- United States dominated the portable fridge market in 2020, accounting for 80.1% of market share. Increased millennial participation in outdoor recreational activities, combined with the hospitality sector’s strong foothold, including hotels, is expected to remain a key factor driving the portable mini fridge market.
- The online segment is expected to grow at a CAGR of 7.0% over the forecast period of 2023-2033. Consumers are increasingly turning to e-commerce websites for the purchase of electronics, including mini-fridges, as they can offer a wide range of products at special pricing and great discounts.
- In 2022, the offline distribution channel was the most significant, accounting for more than 71.5% of global revenue. To cater to the vast customer base, major manufacturers in the United States and Canada are opening brand stores in various states across the country.
- The booming hotel industry is expected to drive the market for a portable fridge in India, which is expected to capture a market share of 25.9% in 2022. For example, in November 2018, Radisson Hotel Group opened the ‘Radisson Ningbo Beilun,’ a luxurious 230-room hotel in Ningbo’s Beilun district, China. Similarly, Hyatt Hotels Corporation opened 348 rooms in the ‘Hyatt Regency Wangjing’ in Beijing in June 2018.
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Competitive Landscape
Some of the market’s leading players are developing technologically advanced products with high energy star certified products to meet growing consumer demands while also maintaining a competitive edge. Furthermore, collaboration with domestic distributors, strategic partnerships, seeking certifications, and entering into an e-commerce platform remain popular strategies among market leaders. Companies intend to broaden their geographic reach through mergers and acquisitions.
- Godrej Appliances, a division of the Godrej & Boyce Group, announced the launch of ultra-low temperature refrigerators, portable mobile freezers for storing highly temperature-sensitive vaccines, in August 2021.
- Engel Australia Pty Ltd. launched two new limited edition Retro Series portable fridges in April 2019 under the brand names ‘Engel MT45F-G4FT’ and ‘Engel MT60F-G4FT’. These portable mini fridges are ideal for camping trips and other outdoor recreational activities. These product launches are expected to play a critical role in ensuring consumer access to the products.
Key Manufacturers:
- Whirlpool Corporation
- ARB Corporation
- Danby
- Dometic Group AB
- EdgeStar (Living Direct Inc.)
- Engel Australia Pty Ltd.
- Haier Inc.
- Koolatron
- Whynter
- AB Electrolux
- Samsung Electronics Co. Ltd.
- Others
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Portable Fridges Market by Category
Size:
- Mini Portable Fridge
- Standard Portable Fridge
Price Range:
- Economic
- Mid-Range
- Premium
Functionality:
- Conventional
- Semi-Automatic
- Automatic
End User:
- Household
- Commercial
Sales Channel:
- Online
- Offline
Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- MEA
Author
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
About Future Market Insights (FMI)
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